Gold futures edged lower Friday for the first day in four, after rallying near
$1,000 an ounce in the previous session, as a jobs report that fell largely in
line with expectations curbed gold's safe-haven appeal.
small loss, gold futures marked their best week in more than four months,
largely due to gains in the previous two sessions. Holdings in the biggest gold
exchange-traded fund rose the most in three months on Thursday.
It is interesting that the experts indicate that gold typically rises in September just before Indian Wedding Season. Okay..if you say so... but I found another article a wee bit more compelling...
Arguably the biggest impact on gold prices is coming out of China. Hong Kong has recalled
all of its gold holdings from London in efforts to keep a better watch over
its bullion reserves. Some are speculating that this could be the beginning of
the rise of Hong Kong as a hub for commodities trading, and some fund companies
are looking to start gold ETFs using metal located on the island for backing.
Meanwhile, China is also encouraging its citizens to buy gold and silver, and
will soon offer gold and silver bars for
sale at Chinese banks across the country. These actions are the
latest indication that China has lost confidence in Western economies and is
desperately trying to both protect its own gold reserves and encourage its
citizens to diversify savings out of paper and into hard assets.
I gotta tell you, I am not a financial advisor (no kidding...I don't even eat lunch with them) but I have a hard time seeing Gold going below $900 an ounce in the near future. To say the least.
Also noted this is push has happened since Mars crossed Zero Cancer activating Pluto in Cap.
What's next hyperinflation? or deflation? not sure yet.
Gold went over $1,000 today (Tuesday).ReplyDelete